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Outerwear & dresses sales boost G-III Q4 earnings

01
Apr '08
G-III Apparel Group Ltd announced operating results for the fourth quarter and full-year of fiscal 2008.

For the fiscal year ended January 31, 2008, G-III reported net sales increased by 21.5% to $518.9 million from $427.0 million last year and net income per diluted share increased to $1.05 from $0.94 last year. There were 16,670,000 weighted shares outstanding for fiscal 2008 compared to 13,982,000 for fiscal 2007.

For the three-month period ended January 31, 2008, G-III reported that net sales increased by 30.2% to $128.7 million from $98.8 million during the comparable period last year and net income per diluted share increased to $0.06 from $0.03 during the comparable period last year. There were 16,873,000 weighted average shares outstanding for the three months ended January 31, 2008 compared to 14,954,000 for the comparable period last year.

The Company noted that fourth quarter and fiscal 2008 results were affected by three different non-recurring items:

The Company incurred a $3.0 million pre-tax charge in cost of sales, equal to $0.11 per diluted share, to reflect losses with respect to financing that the Company guaranteed related to purchase commitments by one of its vendors. The vendor is no longer in business.

The Company incurred a $720,000 pre-tax charge in cost of sales, equal to $0.03 per diluted share, related to the termination of the Sean John junior sportswear license.

The Company realized a pre-tax gain of $860,000 included in selling general and administrative costs , equal to $0.05 per diluted share, related to the reversal of expense reserves no longer deemed necessary that were recorded in connection with the December 2002 close-down of its Indonesian production facility.

The prior year's results included the reversal of tax reserves of approximately $950,000, equal to $0.07 per diluted share. Excluding all of these non-recurring items, the Company had adjusted net income per diluted share of $0.15 for the three-months ended January 31, 2008 compared to adjusted net income per diluted share of $0.03 during the comparable period in fiscal 2007.

For the fiscal year ended January 31, 2008, G-III's adjusted net income per diluted share was $1.14, compared to adjusted net income per diluted share of $0.87 for fiscal 2007.


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